Govt to infuse Rs 170 bn in 18 PSU banks

Written by Reuters | New Delhi | Updated: Mar 31 2009, 21:39pm hrs
India aims to recapitalise 18 state-run banks, barring bigger ones like State Bank of India and Punjab National Bank, in the year to March 2010, a finance ministry official said on Tuesday.

The government will invest Rs 160-170 billion in the shares of the banks in 2009/10 fiscal year as part of the capital restructuring exercise, said the official who did not wish to be identified.

It will invest Rs 6-7 billion in Bank of Maharashtra, he said.

A formal announcement will be part of the full year's budget that has to be presented by the new government after elections are over, he added.